Bitcoin is trading in a downtrend since it reached its all time high on 17 december 2017. On 17 january 2018, bitcoin reached its lowest point till now. Since it reached its lowest point (at $ 9222 on Bitstamp ), it has been forming a support with 2 higher lows. On the short term, we may be bouncing off this support and try to make some new higher highs. On 27 january 2018, bitcoin broke through a resistance which now may also act as a support. If we bounce on this short term support, we may be forming an asceding triangle with a resistance around $ 12000.
I just want to give my humble opinion on some products by doing technical analysis. There may be some minor and/or major flaws. Nobody is perfect and I'm willing to learn from my mistakes through your opinions. Thank you.
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Disclaimer: This is not financial advise.